President Trump is demanding the resignation of Federal Reserve Governor Lisa Cook following Federal Housing Finance Agency (FHFA) Director Bill Pulte’s push to have her investigated for criminal mortgage fraud.
Trump posted “Cook must resign, now!!!” on Truth Social with a link to the Bloomberg article reporting on Pulte’s Criminal Referral Letter on Cook that he sent to Attorney General Pam Bondi, which Pulte also shared to social media.
Pulte claimed in the letter that Cook has “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.”
Pulte claims that Cook “falsified residence statuses” in order to receive lower mortgage rates and better loan terms for her properties in Ann Arbor, Michigan, and Atlanta, Georgia. He alleged that Cook “appears to have acquired mortgages that do not meet certain lending requirements and could have received favorable loan terms under fraudulent circumstances.”
According to screenshots of documents shared by Pulte on his social media—a method of communication he has often used since taking the FHFA post—Cook listed two properties as primary residences almost simultaneously in mortgage applications. One property was subsequently put on the rental market, according to the screenshot.
Later that day, the Federal Reserve put out a rare statement attributed to Cook according to Bloomberg News, in which the Fed governor said she would not be “bullied” into stepping down, while also promising to answer “legitimate questions” regarding her “financial history.”
Trump’s post and the criminal referral come as the administration continues to pressure the Fed to lower interest rates. Cook was recently in the news for her warnings about the impacts of tariffs.
In a speech at an economics conference at Stanford University’s Hoover Institution, Cook stated that she expects “to see a drag on productivity in the near term stemming from the recent changes to trade policy and the related uncertainty.”
She continued that uncertainty around Trump’s plans “is likely to reduce business investment going forward,” and that tariffs could create “greater inflationary pressure.”
This also is not the first time Trump has personally highlighted this type of alleged wrongdoing. Two other government officials are currently being investigated by the Department of Justice over mortgage fraud allegations: Senator Adam Schiff, D-Calif., and New York Attorney General Letitia James, both sharp critics of Trump. Bondi selected Ed Martin—a conservative activist and former interim U.S. attorney for Washington, D.C.—as the special attorney for the investigation.
High-profile government officials on the other side of the aisle face similar allegations as well, as Texas Attorney General and Senate hopeful Ken Paxton has been accused of listing multiple homes as primary residences.
James had previously sued Trump and his company over alleged fraudulent misrepresentations of his wealth and financial statements. Her office was awarded over $300 million, but Trump is in the process of appealing the judgment.
The potential resignation of Cook would also open a seat on the Fed for Trump to fill, potentially swaying the balance of voting toward an interest rate cut.
Editor’s note: this story was updated at 6:45 p.m. eastern time with Lisa Cook’s response to the accusations.
